QRB 501 WEEK 3 LEANING TEAM CASE STUDIES

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Complete the following case studies from Ch. 8 & 9 of Business Math:

  • Case Study 8-3, p. 300
  • Case Study 9-1, p. 344

 Use the provided Microsoft Excel template for your answers.

Note. Show all work and calculations. (The use of Microsoft Excel software is required.)

 

Click the Assignment Files tab to submit your assignment.

Description

QRB 501 WEEK 3 LEANING TEAM CASE STUDIES

8-3 The Artist’s Palette

Question One

The team obtained the trade discount for each supplier and used it to determine the Net List Price for each supplier.  The List Price less the trade discount provided the Net List Price.  We then compared the two prices to determine that Parma would save $3.87 if they purchase from supplier two.  The team did not experience issues completing this question.

Question Two

The team did not have any issues with this question. The team was able to easily calculate the net decimal equivalent by first finding the complement of each of the discount rates for each supplier (20/10/5 and 18/12/7). To do this the team subtracts each of them from 100% (i.e. 100-.20=.80). After this we multiplied each of the complement to find the net decimal equivalent (i.e. .80*.90*.95=.684).

Question Three

After finding the net decimal equivalent in question two, the team was able to multiply that number by the Parama minimum supply purchase price of 300 by (1-the net decimal equivalent) to find the trade discount. The team had to place a formula under the nde cell so the template would calculate the correct trade discount. There were no further issues with this problem.

Question Four

A student purchased $250 in art supplies with terms 2/10, n/30.  If the student payment makes payment on September 26th he is entitled to two percent discount because payment is made with ten days of purchase we calculated a discount by multiplying the amount due by the .02, the result is $5. Then we subtracted $5.00 from $250 and the amount owed is $245.  The team did not experience any issues with this question.

Question Five

A purchase made on September 16th with terms of 2/10 EOM expires October 11th.  A purchase made on September 26th with terms of 2/10 EOM expires November 11th because purchases made after on or after the 26th have until the following month to allow time to receive invoices.  We would prefer 2/10 EOM to allow the most time to pay the invoice and still receive the discount.  The team did not experience any issues with this scenario.

9-1 Acupuncture, Tea, and Rice-Filled Heating Pads

Question One

The team was able to find the markup percentage by first finding the amount of the mark up, which was 0.70. After that the team had to divide that number by the actual cost of the tea which was 2.80, and then multiply that number by 100 to find the markup percent. No issues with the problem.

Question Two

The markup percentage for the small, medium, and large rice filled pads was found by first determining the markup using the information provided. The cost for

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